Covid, SBA and PPP Stimulus

By Fēnix PowerOn 8th April 20208th April 2020

Hello Fēnix Power customers and fans,

I know many of you are nervous about how this lockdown and virus economic shift will impact Fēnix Power and wondering if we’ll make it through. I wanted to share that I’ve been working with our executive team, attorneys and accountant to evaluate all of the options available to us from the recently passed Payroll Protection Program in the CARES stimulus act. We’ve found two programs that we do qualify for, one through the Small Business Administration, and the PPP program itself through our business banking institution. We’ve submitted applications to both and are confident that both will be approved and become available to us very soon.

Before this legislation was enacted, we were already taking actions to keep Fēnix Power moving forward and positioned to survive the impacts we’re all feeling. With this tightening of the fiscal belt our team has already been running on bare minimum payroll and battening down the hatches to keep the business sustainable. And I’m glad we did, we’ve already seen a hefty reduction in the pace of reservations, and as we’ve shared before we’ve had to delay our plans to move forward with installations thanks to supplier limitations. But the good news is with the help of the CARES/PPP aid that’s coming soon, we’ll be able to shift back into full time operations well before our supply chain unlocks.

All of this gives me the confidence to share with you that not only will we weather this storm, but we’ll reach the other side in great shape. The auto-enthusiast in me wants to say we’ll be firing on all cylinders, but that phrase has now become something from a bygone era that we’re no longer a part of. So how about this instead: Fēnix Power will be pushing through on a full charge and running at peak amps without a hint of anxiety about getting to the other side!

Thanks for all of your support, and please take care of yourselves, I want to see all of us get through this.